(THIS ARTICLE IS MACHINE TRANSLATED by Google from Norwegian)
[gambler] Does Kristin Halvorsen play Russian roulette when she lends money to Putin? Does Norway sponsor China's gag of opposition, US war in Iraq and Israel's wall against Palestine? Should the oil fund be renamed Pandora's money bin? The questions are many after Ny Tid has reviewed the annual report for the Petroleum Fund, which was presented on 4 March. The review shows that investments in many controversial regimes are increasing sharply.
There are several possible strategies for controversial regimes. An alternative is to actively support the opposition and boycott the government. Another alternative is to do nothing. A third is to actively support oppressive regimes by lending money that goes directly to the free movement of state leaders. Has Norway chosen the third alternative? Yes, says Emilie Ekeberg, newly elected leader of Attac:
- When the Norwegian oil wealth is invested in these countries, we in practice issue loans that make it possible for Israel to build its apartheid wall, and that can finance weapons and soldiers for the US war in international law in Iraq, she says.
Increased expenses
Investing in a country's government bonds means in practice lending money to the country. From 2006 to 2007, Norway has more than quintupled its investments in government bonds in the Philippines. On February 29, Ny Tid wrote that the trade union movement in the Philippines comes with massive criticism of President Gloria Arroyo for union crushing.
Investment in Chinese government bonds has almost doubled, and on March 7, Reuters reported that the oil fund will now invest another billion in China.
- I am very surprised by the increased investment rate. There are massive human rights violations in China. Were the Minister of Finance's words that "we choose to be a socially responsible investor" at the conference "Investing for the Future" just a game for the gallery? Can this be something the Norwegian people want their future pensions linked to, asks Wenche Thingnes in the Norwegian Tibet Committee.
"The gagging of the media can now continue," wrote New Time columnist Natalia Novozholova on March 7 after the presidential election in Russia. Norway is increasing investments in Russian government bonds by one and a half billion. Newcomers to the list are the United Arab Emirates and Egypt, while Israel, Qatar and Venezuela are raging down the list from last year.
Most notably, investment in US government bonds increases: from 13 to more than 150 billion. The question of what the US needs extra money for per day is not asked. Recently, the book "The Three Trillion Dollar War" was also published in which Joseph Stiglitz and Linda J. Bilmes write that the war on Iraq costs 60 billion a month.
No ethical guidelines
So why does Kristin Halvorsen lend money to all these regimes? The Oil Fund's more than NOK 2000 billion is invested in both companies and states. While investment in companies is subject to an ingenious system of ethical guidelines, investment in government bonds is limited only by the following rule: Do not lend money to the Burma military junta. Until 2009, the ethical guidelines will be evaluated.
- In the first instance, we must put in place a set of rules that prevents Norwegian oil wealth from being invested in countries that, according to the UN, violate international law. And we must find good alternatives to the current administration, for example by creating new funds for development in the south based on self-determination, and environmentally friendly technology and infrastructure, says @m: Emilie Ekeberg in Attac.
Gjermund Hagesæter, spokesperson for FrP's tax and fees policy, responds that the oil fund has invested in banks in Lichenstein.
- Kristin Halvorsen has announced war on these banks. If Norway is really going to fight against tax havens, we should stay too good to invest in them, he believes.
Finance Minister Kristin Halvorsen, despite repeated inquiries, has not answered our questions.
